The two startups that quietly cooked up video magic with retail giant Target

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US-based global retail chain Target doesn’t have its stores in India because of restrictions in the country on foreign multi-brand retail. But it has had a tech development team in Bangalore for over a decade to support its global operations. And for the past couple of years, it has also been running an accelerator program out of Bangalore to use Indian tech startups for innovation in retail.

Interestingly, two of the startups in the accelerator’s fourth batch, which had a demo day yesterday, are innovators in the use of video for reaching customers and enhancing their experience. This ties in with the rapid rise of video consumption and creation on multiple platforms like YouTube, Netflix, Snapchat, and Facebook. Mobile video viewing is also taking off, accounting for nearly half of all video viewing globally, according to Telstra-owned video tech firm Ooyala.

In countries like Singapore with high-speed internet connectivity, more than half the viewers are watching videos on phones and tablets. Even in India, the rollout of affordable 4G services and spread of public wifi hotspots is accentuating the trend. This is of great interest to advertisers and marketers because it’s easier to target viewers on mobile devices.

That’s where the video innovators in the Target accelerator come in.

Charmboard

Charmboard, for instance, has an interesting concept of a “video bookmark.” All you have to do is touch or click on a Charmboard-enabled video while it’s playing. That moment in the video is captured as a “charm” which can be saved as well as shared on social media.

Say you love the dress of an actor in a film you’re watching. With a touch on the video, you can capture that image as a charm, then look up a retail site for a similar dress.

Charmboard founder and CEO G.B.S. Bindra explained how the startup experimented with instantly matching and connecting “charms” with products on the Target site. “It reduces the time taken between the intent to buy something while watching a video and actually purchasing it. This in turn reduces the falling off in the conversion from intent to purchase.”

“Charms” can be captured from any video, be it a film or TV program or brand video. These can also be saved and categorized in boards. Hence the name Charmboard.

While Charmboard creates new opportunities for engaging with customers through video, the second video innovator in this Target accelerator batch helps with creating mobile-friendly lightweight videos.

StoryXpress is a cloud-based video creation product aimed at helping brands engage with customers and boost their visibility. Users can upload their video clips, images, and text, then use StoryXpress tools and templates to create a video in minutes. It also has an API (application programming interface) that can be integrated with a site to convert image galleries into flowing videos.

StoryXpress co-founder Ankit Mishra pointed out in the demo that big brands spend US$10,000 and six weeks on average to produce a motion picture promotional video. StoryXpress is providing an option to create a brand or product video for US$15 in 15 minutes.

The speed and low cost of video creation create new possibilities. For example, a brand could now create personalized product videos for each of its clients, using their names and buying behavior already captured on a retail site. StoryXpress has been experimenting with 30-second personalized product videos at Target.

Win-win for Target and startups

There were five other startups in the demo – Uncanny Vision, Preksh, Lechal, Lawbot, and MintM – spanning innovations with computer vision, virtual reality, wearable tech, artificial intelligence, and bots. Tech in Asia featured them earlier at the start of the accelerator program. The participation of Charmboard and StoryXpress was not disclosed then.

For Target, the accelerator program in Bangalore has opened new avenues for innovation. “Through our accelerator journey over the last three years, we have seen the Indian startup ecosystem mature and are thrilled to see them address deeper and more relevant business problems,” says Navneet Kapoor, president and MD of Target India. “We remain invested in partnering with the startups to shape the future of retail.” Applications have opened up for the next batch of the accelerator program in Bangalore.

The Bangalore experience also prompted Target to start a retailer accelerator at its US headquarters in Minneapolis earlier this year in partnership with Techstars.

“We’re smart enough to know that all the answers do not lie within our four walls,” says Brian Cornell, Target chairman and CEO. “We need entrepreneurs developing innovative solutions that have the potential to create new paths for growth, diversify our business model, and transform every facet of industry—from supply chain to operations to marketing. At the same time, these companies need us, too. Target opens doors to capital, consumers, and scale.”

See: AI, AR, IoT: Target accelerator’s new batch of startups has a distinct flavor of hi-tech

This post The two startups that quietly cooked up video magic with retail giant Target appeared first on Tech in Asia.

from Tech in Asia https://www.techinasia.com/target-taps-charmboard-storyxpress-for-video
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